In the journey of contributing to Rwanda’s vision 2050 of development, Finance Minister Uzziel Ndagijimana, has told UK business executives that they are equally assured of making returns on investment.
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He was speaking, on January 30, at the inaugural UK-Rwanda Business Forum themed "Succeeding in Rwanda: Unlocking Growth and Opportunities”, bringing together captains of trade and industry, investors, and senior government officials for discussions around business opportunities and business climate in both countries.
The three-day forum is expected to build on the momentum of the current trade volume between both countries, which has doubled over the last five years.
In 2023, total trade in goods and services (exports plus imports) between the UK and Rwanda was around $44 million (£35 million) in the four quarters to the end of June 2023, an increase of 9.4 per cent.
UK exports to Rwanda are mainly machinery and pharmaceuticals, while Rwanda’s exports to the UK are mainly coffee and tea. Registered investments in Rwanda from the UK over the past decade amount to $662 million.
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Building on the bilateral relation that span over a decade, Ndagijimana explained the development trajectory that Rwanda has taken with the vision 2020 and 2050 which has enabled the country to record strong economic growth throughout the years.
"Rwanda and UK have a rich history of successful cooperation, which dates back to our early phase of the rehabilitation and reconstruction of Rwanda, in the immediate aftermath of the genocide against the Tutsi in 1994,” he said.
He added that both countries have been partnering in different sectors such as education, private sector development, financial sector development, climate change, and improvement of business and investment climate.
With reforms in macroeconomic management, governance and business environment, Rwanda has been ranked as one of the easiest places to do business globally, Ndagijimana noted that the reforms have paid off, in terms of rapid increase of private investments, both domestic and Foreign Direct Investments.
"I take this opportunity to invite UK Business leaders to invest in Rwanda and contribute to the realization of our vision 2050, while making good returns on your investments.”
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Dolar Popat, UK Trade Envoy to Rwanda, said that Rwanda’s hard work and dedication means that participants have a real chance to take advantage of the economic climate, noting available room for increased investments from the UK and expanded trade between both countries.
He mentioned key sectors of cooperation including horticulture, infrastructure and logistics, critical minerals, manufacturing, and green economy.
"I genuinely believe that Africa is a continent with huge potential for trade and investment...a continent endowed with natural resources and population growth over the next few years.”
Speaking in a panel discussion, Kampeta Sayizonga, CEO of the Development Bank of Rwanda, highlighted that Rwanda’s financial sector has been transformed to accelerate the private sector’s contribution to the development of the country by tailoring the financial infrastructure to meet their different needs.
She emphasized that the essential thing is to promote sustainable economic activities while considering the green transition as the path Rwanda, and the rest of the world is taking.
Mansoor Hamayun is the Co-founder and Chief Executive Officer of Bboxx, said that he decided to domicile his company in Rwanda because it is a forward-looking nation which understands the prerequisites of business growth and enhance a collaborative environment.
"What makes me excited about Rwanda is the sense of progress..Rwanda is now becoming a place where the connectivity, infrastructure and skills exist and we see ourselves having our operational headquarters here to be able to accelerate our vision for wider Africa."